Decision Notice - CIRO Hearing Panel issues Reasons for Decision in the matter of Clarus Securities Inc.

TORONTO, Dec. 20, 2024 /CNW/ - Following a settlement hearing held on September 25, 2024 pursuant to the Investment Dealer and Partially Consolidated Rules, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Clarus Securities Inc. failed to adequately supervise and monitor trading in certain accounts and to act as a gatekeeper to help prevent and detect manipulative and deceptive activity.

The hearing panel issued their reasons for decision on December 9, 2024, which are available at:

Re Clarus Securities 2024 CIRO 90

In their reasons for decision, the hearing panel confirmed a fine of $425,000 and costs in the amount of $25,000 imposed on Clarus Securities Inc. as part of the settlement.

Clarus Securities Inc. is a CIRO-regulated Dealer Member and a Participant under the Universal Market Integrity Rules (UMIR). Clarus Securities Inc. is based in Toronto, Ontario and is primarily engaged in corporate finance activities and trading for institutional accounts.

The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.

All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.

CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

SOURCE Canadian Investment Regulatory Organization (CIRO)

Kate Morris, Senior Corporate Communications and Public Affairs Specialist, [email protected], Phone: [phone]